Amova Asset Management Americas Inc. Has $3.56 Million Stock Position in Rio Tinto PLC $RIO

Amova Asset Management Americas Inc. cut its holdings in shares of Rio Tinto PLC (NYSE:RIO) by 25.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 38,173 shares of the mining company’s stock after selling 13,001 shares during the period. Amova Asset Management Americas Inc.’s holdings in Rio Tinto were worth $3,560,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Parallel Advisors LLC increased its holdings in Rio Tinto by 34.1% during the 1st quarter. Parallel Advisors LLC now owns 8,612 shares of the mining company’s stock worth $803,000 after purchasing an additional 2,189 shares in the last quarter. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Rio Tinto during the first quarter valued at approximately $388,000. Crescent Grove Advisors LLC grew its holdings in Rio Tinto by 316.7% during the first quarter. Crescent Grove Advisors LLC now owns 23,866 shares of the mining company’s stock worth $2,263,000 after buying an additional 18,139 shares in the last quarter. Jennison Associates LLC grew its holdings in Rio Tinto by 2.9% during the first quarter. Jennison Associates LLC now owns 192,748 shares of the mining company’s stock worth $17,981,000 after buying an additional 5,479 shares in the last quarter. Finally, McAlvany Wealth Management LLC raised its position in Rio Tinto by 5.4% in the 1st quarter. McAlvany Wealth Management LLC now owns 8,558 shares of the mining company’s stock valued at $760,000 after buying an additional 436 shares during the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Stock Performance

Shares of RIO stock opened at $90.54 on Wednesday. The company has a quick ratio of 0.98, a current ratio of 1.44 and a debt-to-equity ratio of 0.33. Rio Tinto PLC has a 52 week low of $58.40 and a 52 week high of $112.58. The firm’s 50-day simple moving average is $99.44 and its two-hundred day simple moving average is $95.64.

Wall Street Analyst Weigh In

Several analysts have recently commented on RIO shares. Morgan Stanley downgraded shares of Rio Tinto from an “equal weight” rating to an “underweight” rating in a report on Wednesday, July 8th. Bank of America lowered shares of Rio Tinto from a “buy” rating to a “neutral” rating in a research note on Friday, May 22nd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of Rio Tinto in a research report on Friday, May 15th. Zacks Research downgraded Rio Tinto from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 7th. Finally, Sanford C. Bernstein upped their target price on Rio Tinto from $82.00 to $83.50 and gave the company an “outperform” rating in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $101.75.

Rio Tinto Company Profile

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company’s activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.